3.0.0 3551 2022-02-03T05:09:03Z 2022-02-03T05:09:03Z Senate S S 2008-09-24 110 ssev00 Environment and Public Works Committee Senate Standing Reported original measure 2008-09-24T17:36:08Z Markup by 2008-09-17T22:14:00Z S. Rept. 110-490 Economic Development Administration Reauthorization Act of 2008 110 3264 S 2008-07-15 Read twice and referred to the Committee on Environment and Public Works. (text of measure as introduced: CR S6724-6725) Related bill CRS 2008-09-24 Senate Placed on Senate Legislative Calendar under General Orders. Calendar No. 1061. Calendars 2008-09-24 ssev00 Environment and Public Works Committee Senate Committee on Environment and Public Works. Original measure reported to Senate by Senator Boxer. With written report No. 110-490. Additional views filed. Committee 2008-09-24 Committee on Environment and Public Works. Original measure reported to Senate by Senator Boxer. With written report No. 110-490. Additional views filed. Committee 14000 9 Library of Congress ssev00 Environment and Public Works Committee 2008-09-24 Introduced in Senate IntroReferral 10000 9 Library of Congress 2008-09-17 ssev00 Environment and Public Works Committee Senate Committee on Environment and Public Works ordered to be reported an original measure. Committee B000711 Sen. Boxer, Barbara [D-CA] BARBARA BOXER D CA N Economics and Public Finance Authorization Awards, medals, prizes Brownfields Commemorations Commerce Diversification in industry Economic development Energy Energy development Entrepreneurs Environmental Protection Government Operations and Politics Grants-in-aid Historic sites History Housing and Community Development Internal migration Labor and Employment Labor statistics Montana Regional economic development Revolving funds Rural economic development Solar energy Southwest (U.S.) Unemployment Urban affairs Urban economic development Economics and Public Finance 00 2008-09-24 Introduced in Senate 2009-02-26T19:55:59Z Economic Development Revitalization Act of 2008 - Amends the Public Works and Economic Development Act of 1965 to authorize the Secretary of Commerce to establish and carry out an Excellence in Economic Development Award Program to recognize innovative economic development strategies of national significance. Directs the Secretary to publicly solicit nominations of nonprofit organizations or institutions.

Authorizes a recipient of an economic adjustment grant who determines that a revolving loan fund established using such assistance is no longer needed or that the recipient could make better use of the assistance to carry out another project that meets the requirements of the Act to request the Secretary to approve conversion of the assistance by: (1) selling fund assets to a third party; or (2) retaining repayments of principal and interest on loans provided through the fund. Requires such a recipient to use the net proceeds from a sale of assets to pay any portion of the costs of one or more projects that meet Act requirements.

Directs the Secretary, before providing investment assistance for a construction project under the Act, to establish the expected period during which the assistance recipient shall make best efforts to achieve economic development objectives. Requires acquired or improved property to be held in trust by the recipient for the benefit of the project, and requires the Secretary to retain a reversionary interest in the property, during that period.

Extends the authorization of appropriations for economic development assistance programs. Increases the minimum level of funding for grants for planning and grants for administrative expenses, subject to total appropriations.

]]> 80 2008-09-24 Reported to Senate without amendment 2009-03-04T21:15:13Z (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Economic Development Revitalization Act of 2008 - Amends the Public Works and Economic Development Act of 1965 to authorize appropriations for economic development assistance programs under such Act for FY2009-FY2013.

Includes within the definition of "Regional Commissions" the Southeast Crescent Regional Commission, the Northern Border Regional Commission, and the Southwest Border Regional Commission.

(Sec. 3) Authorizes the Secretary of Commerce to establish and carry out an Excellence in Economic Development Award Program to recognize innovative economic development strategies of national significance. Directs the Secretary to publicly solicit nominations of nonprofit organizations or institutions.

(Sec. 4) Modifies provisions regarding grants for planning and administrative expenses for public works and economic development to authorize funding for fostering regional collaboration among local jurisdictions and organizations. Requires each state receiving assistance to provide a copy of each annual report to each economic development district within the state.

(Sec. 5) Limits the federal share to 50% for public works and economic development grants, with a specified increased federal share: (1) based on the relative needs of an area (e.g., the unemployment rate and the impact of severe outmigration, sudden and severe economic dislocations, and other related economic circumstances); and (2) in the case of a federally declared major disaster (100% funding).

(Sec. 6) Allows training, research, and technical grant assistance to be used for a peer exchange program to promote industry-leading practices and innovations relating to the organizational development, program delivery, and regional initiatives of economic development districts.

(Sec. 7) Allows economic adjustment grant assistance to be used for activities identified by communities, the economies of which are injured by the loss of natural resource-based, agricultural, or service sector (currently, manufacuring) jobs.

Authorizes the Secretary to periodically solicit comments regarding the guidelines and performance requirements for the revolving loan fund program and recommendations for improving the performance of the program and grantees under the program from: (1) the public; and (2) revolving loan fund grantees, national experts, and employees of federal agencies with knowledge of international, national, regional, and statewide trends, innovations, and noteworthy practices relating to business development finance, including public and private lending and technical assistance intermediaries.

Authorizes a recipient of an economic adjustment grant who determines that a revolving loan fund established using such assistance is no longer needed, or that the recipient could make better use of the assistance to carry out another project that meets the requirements of the Act, to request the Secretary to approve conversion of the assistance by: (1) selling fund assets to a third party; or (2) retaining repayments of principal and interest on loans provided through the fund. Requires such a recipient to use the net proceeds from a sale of assets to pay any portion of the costs of one or more projects that meet Act requirements.

Authorizes the Secretary to allocate not more than 2% of the amounts made available for grants under this section for development and maintenance of an automated tracking and monitoring system to ensure the proper operation and financial integrity of the revolving loan program.

(Sec. 8) Extends appropriations for the Brightfields demonstration program through FY2013.

(Sec. 9) Directs each economic development district to engage in the full range of economic development activities included in the list contained in the comprehensive economic development strategy of the district that has been approved by the Economic Development Administration.

(Sec. 10) Authorizes the Secretary to consult with any persons who can assist in addressing the problems of area and regional outmigration.

(Sec. 11) Declares that the state of Montana shall be served by the Seattle office of the Economic Development Administration.

(Sec. 12) Directs the Secretary, before providing investment assistance for a construction project, to establish the expected period during which the assistance recipient shall make best efforts to achieve the economic development objectives of the assistance. Requires, during that period: (1) any property that is acquired or improved using investment assistance under the Act to be held in trust for the project's benefit; and (2) the Secretary to retain an undivided equitable reversionary interest in the property.

Authorizes the Secretary to terminate the reversionary interest in any applicable property on the date the Secretary determines that a recipient has fulfilled the recipient's obligations, taking into consideration the economic conditions. Provides for an alternative method of termination.

(Sec. 14) Increases the minimum level of funding for planning and grants for administrative expenses, subject to total appropriations.

]]> Economic Development Revitalization Act of 2008 Short Titles as Reported to Senate Economic Development Revitalization Act of 2008 S Senate Display Title Economic Development Revitalization Act of 2008 Official Title as Introduced An original bill to amend the Public Works and Economic Development Act of 1965 to reauthorize that Act, and for other purposes. Placed on Calendar Senate 2008-09-24T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s3551pcs/xml/BILLS-110s3551pcs.xml 2008-09-24 Placed on Senate Legislative Calendar under General Orders. Calendar No. 1061. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.